The Enforcement Directorate has filed a chargesheet against three persons for allegedly laundering ₹1,500 crore through companies in Singapore, Hong Kong and China on the pretext of importing a “customised” software.
Among those arraigned are Deepak Agarwal, Ayush Goyal and Pramod Agarwal. The money laundering probe is based on a First Information Report registered by the Andhra Pradesh police on a complaint from the Income Tax Department against Vaddi Mahesh and others.
The ED alleged that Mr. Mahesh had floated several firms and shell companies and opened several bank accounts in their names. He remitted funds to the tune of ₹1,500 crore to various companies in Singapore, Hong Kong and China in the guise of outward remittances for import of non-existent “customised” software by submitting fake documents to the banks.
Based on the findings, the ED had filed the first chargesheet against Mr. Mahesh, Bhimendra Kumar Goyal and others on October 29 last year.
Subsequent investigations revealed that the suspect transactions were part of a large scale trade-based money laundering scam, in which Mr. Mahesh had received funds into the bank accounts of his firms through Mr. Goyal and Mr. Pramod Agarwal and remitted them overseas on their instructions.
Mr. Deepak Agarwal had acted as the authorised signatory for the bank account of United Hill China Limited (Hong Kong) which received ₹300 crore from the shell companies of Mr. Mahesh. He also assisted his uncle, Mr. Bhimendra Kumar Goyal, by providing the bank account of his company, Bhav Technology China Limited, for laundering the proceeds, as alleged.
The agency had earlier arrested the alleged kingpin, Mr. Bhimendra Kumar Goyal, on September 3 last year, while Mr. Deepak Agarwal and Mr. Goyal were arrested in February.
